Guelph Housing – Winter Renos

Winter has come with a vengeance; make sure to take advantage of the home renovation tax credit while you still can! The home renovation tax credit will provide a one-year 15% income tax credit on eligible home renovation expenses for work done or goods bought between Jan. 27, 2009 and Feb. 1, 2010. The credit may be claimed on eligible expenses greater than $1,000, but not greater than $10,000 for a total credit of up to $1,350.

Before tackling a renovation project, advanced planning is a must and the key to success. Make sure that you understand the process and the people that will be involved in the project. A question to ask yourself is …” is your renovation practical?” Will your investment in the renovation costs make sense through savings in heating or will the investment increase the value of your home for future resale? How will you pay for your renovation project?

Another important thing to consider is what renovation project will give you the “biggest bang for your buck?” Here are a few estimated payback ranges for various renos; kitchen, 75-100%; bathroom, 75-100%; interior painting, 50-100%; exterior painting, 50-100%; main floor family room, 50-75%; and finished basement, 50-75%.